Dubai – Business News Report|| Saudi Arabia is advancing plans to explore domestic uranium reserves while simultaneously building a comprehensive national energy mix that includes nuclear power. This strategic move aims to diversify energy sources and support economic growth amid rising global demand.
Strategic Energy Diversification
Prince Abdulaziz bin Salman, Saudi Minister of Energy, emphasized the Kingdom’s dedication to transparency in developing peaceful nuclear applications during his address at the 70th General Conference of the International Atomic Energy Agency in Vienna. He stated that nuclear energy has become essential for the national electricity grid.
Uranium Resources and Byproducts
The Minister revealed ongoing efforts to explore uranium deposits, leveraging the Kingdom’s estimated reserves of over 90,000 tons. Additionally, Saudi Arabia, as the second-largest exporter of phosphate fertilizers, plans to extract uranium associated with fertilizer production, optimizing existing industrial processes for energy purposes.
Nuclear Capacity Targets
Saudi Arabia targets adding approximately 17 gigawatts of nuclear capacity by 2040. Initial projects will feature two reactors with a combined capacity of 3.2 gigawatts, expected to enter operation within the next decade. This expansion supports the nation’s goal of securing long-term energy supplies and enhancing economic stability.
US Cooperation Agreement
A recent agreement between Saudi Arabia and the United States facilitates cooperation in peaceful nuclear uses, potentially valued at tens of billions of dollars over thirty years. The deal involves advanced reactor technologies, including Westinghouse’s AP1000 models, aligning with non-proliferation frameworks and strengthening bilateral ties in energy and technology sectors.
Global Market Position
Minister bin Salman highlighted Saudi Arabia’s role as a reliable global energy partner, stressing the need to diversify sources to meet accelerating demand. The Kingdom continues to invest in both energy and mineral resources, ensuring robust supply chains and contributing to the global energy system through sustainable development and international partnerships.
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